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Tax refunds

dcbride86dcbride86 Washington, DC member
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I got mine this week!!  The best part about only working for 4.5 months this year is that I got SO MUCH money back!  FI still needs to file his, which I've been bugging him to do because he's the primary mortgage holder, and we'll get most of the taxes back from buying our condo.

I'm so excited to have some money, though!  It's basically all going to the honeymoon and a special condo assessment fee, but at least I don't have to worry about paying those things off.

 

Are any of you spending your tax refunds on anything fun/special? 

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Re: Tax refunds

  • ShesSoColdShesSoCold bend over and I'll show ya mod
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    We were excited about this being the first year where the tax return wasn't for something specific, until we bought a new truck for H. We had just began thinking about getting him a new vehicle when we found a great deal. So we borrowed what we estimated would be our refund from a different savings for the down payment. Sucks not to have the extra money, but H really really needed a new truck.
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  • NowIamMrsKleinNowIamMrsKlein Cold Canadian North (British Columbia) member
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    we're using it towards our honeymoon.

    We were almost at the point of forgoing the dream honeymoon due to paycuts etc, so while we normally put any refund directly into retirement savings we decided this year to use it towards going on a honeymoon that we normally wouldnt be able to do.
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  • lyndausvilyndausvi Western Slope, Colorado mod
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    We actually get one this year.   We haven't gotten one as a married couple.   I've hadn't had one forever either.

    Anyway, all of ours is going towards a DP on a house.






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  • amelishaamelisha Canadian Texas member
    1000 Comments 500 Love Its First Answer Name Dropper
    I had to pay this year and I was SO BUMMED. It's the first year that's ever happened to me because I've always been low-income on paper (bartending) and/or a student until now and this year I have a real job and a real salary. It wasn't much, less than $200, but still, it was pretty sad.

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  • I'm getting screwed over thanks to some investments (short term capital gains kill you...and of course I only got those bc Fidelity put me in the wrong fund initially.....sigh) so I had to work hard just to get it in the black with a small federal refund and I owe the state.  Plus I sold my house last year so only had the benefit of mortgage stuff/property taxes/whatever it is that helps offset taxes for part of the year. boo


    Even when I've gotten bigger refunds I've always said I want to do something fun or buy something but I end up just putting it in savings.  This year, though, would have been nice to have it for the wedding and honeymoon in a couple months!

  • labrolabro Hotlanta member
    5000 Comments Sixth Anniversary 500 Love Its 5 Answers
    We combined our tax refund with my measly bonus to get our backyard redone with new sod. I have a feeling it may be our only actual big refund as a married couple since we were filing as single for the majority of 2014 before we got married. The sod company is doing the installation next week!



  • Straight to my student loans!
  • When we get anything back, we just dump ours into savings - like it never existed at all. With the promotion I got at work, I think we're in a new bracket where we will probably owe every time. :( I'm going to try and go part time (baby and all), so hopefully that'll keep things relatively level in the end.
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  • plainjane0415plainjane0415 The hills of Tennessee member
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    I always just put mine in savings.  Boring, I know.
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  • lovegood90lovegood90 Ontario member
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    Woo, exciting!

    I'm putting mine away in savings right away so I'm not tempted...though maybe I'll do some spring/summer shopping...and there's a sale on at West Elm...


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  • cupcait927cupcait927 Western NY wine country member
    Seventh Anniversary 2500 Comments 500 Love Its First Answer
    We got a HUGE refund this year, a lot more than we were even expecting. We went and bought a new couch and loveseat for the living room (old couch was getting holes in it) and the rest will sit in a savings account for our house. We each took a little blow money from it to spend as we wished but the rest is for projects. We're going to need new gutters in the next month so that will be the first project.
  • emmaaaemmaaa North Carolina mod
    Moderator 2500 Comments 500 Love Its Fourth Anniversary
    We had to pay state taxes this year. So with the Federal money we got back, we are paying the State and then the property tax on the car. 

  • dcbride86dcbride86 Washington, DC member
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    amelisha said:

    I had to pay this year and I was SO BUMMED. It's the first year that's ever happened to me because I've always been low-income on paper (bartending) and/or a student until now and this year I have a real job and a real salary. It wasn't much, less than $200, but still, it was pretty sad.


    That sucks!!!  I would be so bummed if I had to pay!  I was pretty surprised by how much I got back, even though I know it's only because I just started working in August (I was a student with sad internships before that).  But at least next year I won't have a honeymoon or wedding stuff to pay for, so we can actually save all (or at least most) of our refunds
  • thisismynickname2thisismynickname2 City By The Lake member
    5000 Comments Sixth Anniversary 500 Love Its First Answer
    Considering awhile back there was a long thread about newlweds and the marriage penalty, I'm thrilled to say DH and I just got our taxes done by an accountant and we'll get a nice refund!

    We're splitting it in thirds (third mine, third his, third to the joint account). Mine is going to help pay for my bathroom remodel. His is going towards student loans. 

    Now, the sad thing is, we're getting such a good refund because we have a "second property" bleeding DH dry, so the thin silver lining is that it gave us a tax break. Hopefully the second property will sell this year so next year, who knows. I think we still just barely qualified for educational credits (either that, or at least student loan interest), so next year probably won't be as rosy. Who knows. I'm just glad not to owe anything right now!
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  • dcbride86dcbride86 Washington, DC member
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    Considering awhile back there was a long thread about newlweds and the marriage penalty, I'm thrilled to say DH and I just got our taxes done by an accountant and we'll get a nice refund!


    We're splitting it in thirds (third mine, third his, third to the joint account). Mine is going to help pay for my bathroom remodel. His is going towards student loans

    Now, the sad thing is, we're getting such a good refund because we have a "second property" bleeding DH dry, so the thin silver lining is that it gave us a tax break. Hopefully the second property will sell this year so next year, who knows. I think we still just barely qualified for educational credits (either that, or at least student loan interest), so next year probably won't be as rosy. Who knows. I'm just glad not to owe anything right now!




    To the bolded - you very well may know this, but the interest you pay on student loans is usually refundable.  Let me know if you didn't know about that and I can give you info (FI works in higher ed)

     

    Also congrats on bathroom remodel!  I'm so jealous!  Is it a general upgrade or an overhaul?  I want to upgrade my shower, but FI needs a bathroom remodel WAY more than I do, so I know his will get it first :(

  • I havent done mine yet, and have no idea how much I'll be getting back. Originally, when we first bought the house I was like '100% goes in a lump sum to the mortgage!' but now, i haven't splurged on anything in soo long...I really want to buy myself something pretty! I've been looking at some diamond studs for my mom as a wedding gift, and I might just get myself some too hehe
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  • Ours also went to my student loans, ugh. Being an adult is no fun sometimes. 
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  • thisismynickname2thisismynickname2 City By The Lake member
    5000 Comments Sixth Anniversary 500 Love Its First Answer
    dcbride86 said:

    Considering awhile back there was a long thread about newlweds and the marriage penalty, I'm thrilled to say DH and I just got our taxes done by an accountant and we'll get a nice refund!


    We're splitting it in thirds (third mine, third his, third to the joint account). Mine is going to help pay for my bathroom remodel. His is going towards student loans

    Now, the sad thing is, we're getting such a good refund because we have a "second property" bleeding DH dry, so the thin silver lining is that it gave us a tax break. Hopefully the second property will sell this year so next year, who knows. I think we still just barely qualified for educational credits (either that, or at least student loan interest), so next year probably won't be as rosy. Who knows. I'm just glad not to owe anything right now!




    To the bolded - you very well may know this, but the interest you pay on student loans is usually refundable.  Let me know if you didn't know about that and I can give you info (FI works in higher ed)

     

    Also congrats on bathroom remodel!  I'm so jealous!  Is it a general upgrade or an overhaul?  I want to upgrade my shower, but FI needs a bathroom remodel WAY more than I do, so I know his will get it first :(

    Oh yes, interest is refundable. While you're actively enrolled and paying tuition there's another type of credit, but if you earn too much you're not eligible for the latter. 
    DH went to, um, expensive private schools. Any money he can throw at the principle is better for the long term than just letting interest be refundable. 

    General upgrade! I can't afford an overhaul. New shower tile, new vanity. I'm so excited, it'll be a huge difference! 
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  • dcbride86dcbride86 Washington, DC member
    500 Love Its 500 Comments Second Anniversary First Answer

    I havent done mine yet, and have no idea how much I'll be getting back. Originally, when we first bought the house I was like '100% goes in a lump sum to the mortgage!' but now, i haven't splurged on anything in soo long...I really want to buy myself something pretty! I've been looking at some diamond studs for my mom as a wedding gift, and I might just get myself some too hehe




    That would be awesome!  I've been wanting diamond studs forever - maybe next year!

    That's such a sweet gift for your mom!!  I got mine a diamond and sapphire bracelet.  I've had it for months and can't wait to finally give it to her!

  • dcbride86 said:

    I havent done mine yet, and have no idea how much I'll be getting back. Originally, when we first bought the house I was like '100% goes in a lump sum to the mortgage!' but now, i haven't splurged on anything in soo long...I really want to buy myself something pretty! I've been looking at some diamond studs for my mom as a wedding gift, and I might just get myself some too hehe




    That would be awesome!  I've been wanting diamond studs forever - maybe next year!

    That's such a sweet gift for your mom!!  I got mine a diamond and sapphire bracelet.  I've had it for months and can't wait to finally give it to her!

    I'm so excited, I think she'll love them :)
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  • dcbride86dcbride86 Washington, DC member
    500 Love Its 500 Comments Second Anniversary First Answer

    dcbride86 said:

    Considering awhile back there was a long thread about newlweds and the marriage penalty, I'm thrilled to say DH and I just got our taxes done by an accountant and we'll get a nice refund!


    We're splitting it in thirds (third mine, third his, third to the joint account). Mine is going to help pay for my bathroom remodel. His is going towards student loans

    Now, the sad thing is, we're getting such a good refund because we have a "second property" bleeding DH dry, so the thin silver lining is that it gave us a tax break. Hopefully the second property will sell this year so next year, who knows. I think we still just barely qualified for educational credits (either that, or at least student loan interest), so next year probably won't be as rosy. Who knows. I'm just glad not to owe anything right now!




    To the bolded - you very well may know this, but the interest you pay on student loans is usually refundable.  Let me know if you didn't know about that and I can give you info (FI works in higher ed)

     

    Also congrats on bathroom remodel!  I'm so jealous!  Is it a general upgrade or an overhaul?  I want to upgrade my shower, but FI needs a bathroom remodel WAY more than I do, so I know his will get it first :(

    Oh yes, interest is refundable. While you're actively enrolled and paying tuition there's another type of credit, but if you earn too much you're not eligible for the latter. 
    DH went to, um, expensive private schools. Any money he can throw at the principle is better for the long term than just letting interest be refundable. 

    General upgrade! I can't afford an overhaul. New shower tile, new vanity. I'm so excited, it'll be a huge difference! 




    Oh yeah - I certainly wasn't suggested he doesn't pay extra into the principle!  FI recently spoke at a conference, and one of the things he talked about was how few people take advantage of the interest being deductible, so I just figured I'd mention it :)

    I'm so jealous of your new bathroom!  I don't think I'll ever have a new bathroom in our condo.  Mine is fairly updated, and we'll probably only live here for another 5 years or so before we have to pack it up and move into the suburbs/somewhere at least mildly affordable.  Hopefully one day I'll be able to pick out tiles and a shower and stuff for my own bathroom, though! 

    thisismynickname2
  • Half of mine went to my cat's vet bills when she was so sick last month, and the other half I'll give to FI to pay for 6 months of my car insurance when he adds me to his policy.  Super-exciting stuff.  :D  He's getting a fat refund, but I imagine he'll use it towards wedding expenses and to pay for the honeymoon. 

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  • Normally we put it straight into savings, but this year we are refinishing our hardwood floors.  I can't wait!  We own a house that was built in 1900 and it has some really beautiful details to it, however the floors def. need some TLC :-)
  • sophhabobophasophhabobopha The Midwestern tundra member
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    I bought a new laptop an dumped the rest into bills. :(
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  • We just got done with ours and are getting a GREAT chunk back! FI is going to give all of his over to me for the wedding since that was the plan all along. We already did the house projects we had planned for this year so the taxes we are getting back will just be replacing anything we took out of savings toward the wedding and honeymoon. This is a good and bad time of year for us, tax refunds happen and FI leaves to work out of state which bumps his pay by A LOT but he leaves for  7 months so that sucks even though the money is good.

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  • levioosalevioosa Southern California member
    5000 Comments Sixth Anniversary 500 Love Its 5 Answers
    Bills and a new bed set.  I desperately needed one. 


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  • hellosweetie1015hellosweetie1015 Where the skies are so blue member
    2500 Comments 500 Love Its First Anniversary First Answer
    Mine got me glasses and some new (cheap) makeup, and the rest went towards bills, the state (owed them... :/) and into savings.
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  • I usually put mine into savings, but this year we're taking a trip to Italy to visit friends (so excited!!!!), so using it to pay for the flight, and spending what's left on *maybe* a scoop of gelato.
  • JCbride2015JCbride2015 Dirty Jerz member
    5000 Comments 500 Love Its Second Anniversary First Answer
    I got a really big refund this year because I worked at a high salary for only a few months. Most of it is in savings as a backup for the wedding, but I paid off a couple of small credit card bills and did a little shopping. Two high-quality dresses for work and a few nice spring workout clothes. Fi hasn't done his taxes yet but he'll probably get back a much smaller amount, which will also go in savings.
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